European Automotive Market Unveiled: Insights into Key Players and Market Trends

Posted August 29, 2023 by apurvamaximize

Automotive Market in Europe size is expected to reach US$ 27.14 Bn. by 2029, at a CAGR of 8.9% during the forecast period.
The automobile sector is of utmost importance as the engine of prosperity in Europe. Over 13.8 million Europeans are employed in this sector directly and indirectly, making up 6.1 percent of all employment in the continent. Notably, 2.6 million people work directly in the production of motor vehicles, accounting for 8.5% of all manufacturing jobs in the EU. Europe is a significant global producer of automobiles and the leader in terms of private R&D spending. The European Commission encourages global technology harmonisation and supports programmes for research and development in order to further increase the appeal of Europe's automobile industry and maintain its position as a technological leader worldwide.

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Key Highlights of the Report:

With 13.8 million Europeans benefiting from it directly and indirectly, the automobile industry in Europe considerably contributes to employment.

The sector's investment in R&D strengthens Europe's position as the world's technical leader.

The paper highlights the necessity for Europe to concentrate on special trade and investment agreements in order to efficiently reach third markets.

The effects of COVID-19 on the European automotive market are highlighted, including a decline in registrations and a disruption in manufacturing.

With a goal of zero-net-impact emissions from passenger cars and commercial vehicles, Europe's automotive industry is a major actor in sustainable mobility.

The research examines the variety of technological players—both well-known and obscure—in the European automotive industry.

Regional Insights:

The COVID-19 pandemic has had a substantial impact on Europe's automobile industry, causing travel restrictions, plant closures, and decreased consumer spending. The analysis provides insight into the difficulties that major European nations like Germany, France, and Italy, where vehicle sales have plunged, must overcome. However, the region's innovation strength is still obvious given that European businesses have filed a sizeable portion of the world's autonomous driving patent applications.

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Segmentation and Key Players:

The report covers a comprehensive segmentation of the market into commercial vehicles, passenger vehicles, and other categories. It profiles key players such as Honda, Volkswagen, Toyota, Nissan, Mazda, Mercedes-Benz, BMW, Porsche, and more.

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Issued By Apurva
Country United States
Categories Automotive
Tags european automotive market
Last Updated August 29, 2023